Life is filled with all kinds of unpleasant surprises. Like opening up your washing machine and finding a tub full of water. Or you have to drop your car off at the shop for the fifth time this year.
Suddenly, your paycheck has to stretch a bit farther this week. You might have to forgo something you’ve been planning for an unexpected bill that comes your way.
How do you deal with it, especially when there are two of you in the equation? Do you and your significant other see eye to eye on how to spend your money? Especially when it’s a big ticket item, and it might not have been in your plans?
Does it fit the budget?
Whatever you are considering, it ultimately has to fit into your budget. That’s why payment plans were created. But you still have to ensure it won’t set your plans and goals back. A new car may solve your repair bill problems, but how much can you afford each month? Sitting down and talking about your figures can get you on the same page before you shop.
How badly do we need this?
Is it a need or a desire? This can be a tricky question because we can build “need” into just about any purchase. In this case, sometimes two heads can be better than one. One of you usually can see through to other options, giving you a chance to discuss alternatives.
Will this work in our lives a year from now?
Short term gratification is sometimes easier to overcome when you see the big picture. If you’re saving for a trip of a lifetime, the new phone you’re looking at today may lose its appeal. Why not put the extra dollars into a savings account for use later?
What will we give up to buy this today?
Life is always about give and take. And if you spread your dollars to include what you’re purchasing today, you’ll have to delete something to be able to afford it month after month. What’s more important? Are you willing to give up your coffee runs every day? Or how about Friday nights out on the town?
Sure, your new find may be worth it. It may be a good addition to your life. But stopping and taking a few moments to consider the alternatives can help you make wiser choices. And help you save for the things that are most important.